Avis Budget Group, Inc. (NasdaqGS:CAR) entered into a definitive agreement to acquire the assets of Avis Biludlejning Og for $50 million on December 17, 2014. The acquisition is scheduled to close in first quarter 2015, subject to customary closing conditions. The acquisition is expected to add more than $100 million of annual revenue and approximately $10 million of Adjusted EBITDA to Avis Budget Group. Morten Skjønnemand of Gorrissen Federspiel acted as legal advisor for Avis Budget.

Avis Budget Group, Inc. (NasdaqGS:CAR) completed the acquisition of the assets of Avis Biludlejning Og on January 29, 2015. The purchase price was funded with available cash.